Nuvation Bio Inc.
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 6, 2026
NUVB$4.16-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-04.
0001193125-26-203964
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001193125-26-336646
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 91 previous paragraphs and 103 current paragraphs.
59 unchanged; 22 reworded; 17 added; 7 removed; 3 previous and 5 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
In May 2026, we announced the FDA had accepted a supplemental New Drug Application with updated data for IBTROZI in both TKI-naïve and TKI-pretreated advanced ROS1+ NSCLC with a target action date of January 4, 2027.
Current report
In July 2026, we completed our registered underwritten public offering of $287.5 million aggregate principal amount of 0.75% Convertible Senior Notes due 2032 (the “Notes”), including $37.5 million aggregate principal amount of Notes issued pursuant to the exercise in full of the overallotment option granted by us to the underwriters.
Current report
In July 2026, we announced we will initiate two new studies to evaluate safusidenib across the broader landscape of IDH1-mutant glioma: a pivotal Phase 3 study in patients with grade 2 IDH1-mutant glioma outside the U.S, and a Phase 2 study in patients with grade 2 or 3 IDH1-mutant glioma who have progressed after prior treatment with vorasidenib in the U.S.
Current report
Collaboration and license agreements revenue increased by $4.9 million for the three months ended June 30, 2026 compared to 2025. The increase is primarily due to a $3.6 million increase in product supply, and a $1.8 million increase in royalty revenue, offset by a $0.5 million decrease in research and development service revenue.
Current report
Cost of sales increased by $1.1 million for the three months ended June 30, 2026. The increase was primarily due to an increase in inventory reserve and costs incurred related to higher product revenue recognized for the six months ended June 30, 2026 compared to 2025.
Current report
Research and development expenses increased by $3.3 million for the three months ended June 30, 2026 compared to 2025. The increase was primarily due to $4.6 million increase in third-party costs related to clinical trial expense offset by a $1.3 million decrease in personnel costs as the prior period included a one-time stock-based compensation charge for performance-based awards that vested upon U.S. FDA approval of taletrectinib.
Current report
Selling, general and administrative expenses increased by $4.1 million for the three months ended June 30, 2026, compared to 2025. The increase was due to a $0.7 million increase in salaries and other benefits driven by the increase in headcount and stock-based compensation, $0.8 million increase in legal fees, $0.7 million increase in professional fees, $0.5 million increase in sales and marketing expenses, $0.3 million increase in foreign currency impact and a $1.1 million increase in miscellaneous expense.
Current report
In June 2026, we completed our registered underwritten public offering of $250.0 million aggregate principal amount of the Notes. We granted the underwriters an option, exercisable within 30 days of the offering, to purchase up to an additional $37.5 million aggregate principal amount of Notes, issued pursuant to the exercise in full of the overallotment option granted by us to the underwriters. The Notes are general unsecured obligations of the Company and bear interest at a rate of 0.75% per year, payable semiannually in arrears on January 1 and July 1 of each year, beginning on January 1, 2027. The Notes will mature on July 1, 2032, unless earlier converted, redeemed or repurchased.
Current report
The initial conversion rate for the Notes is 127.4941 shares of Class A Common Stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $7.84 per share of Class A Common Stock. The conversion rate for the Notes is subject to customary adjustments for certain events as described in the indenture governing the Notes, but will not be adjusted for accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption in respect of the Notes, we will, in certain circumstances, increase the conversion rate of the Notes for a holder who elects to convert its Notes in connection with such a corporate event or convert its Notes called (or deemed called) for redemption during the related redemption period, as the case may be.
Current report
We may not redeem the Notes prior to July 6, 2029. We have the option to redeem for cash all or any portion of the Notes (subject to certain limitations) on a redemption date on or after July 6, 2029 if the last reported sale price of the Class A Common Stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide the related notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the Notes, which means that we are not required to redeem or retire the Notes periodically.
Current report
Holders may convert all or any portion of their Notes at their option at any time prior to the close of business on the business day immediately preceding before April 1, 2032 only upon satisfaction of one or more conditions. On or after April 1, 2032 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes at their option at any time. Upon conversion, we will pay or deliver, as the case may be, cash, shares of Class A common stock, or a combination of cash and shares of Class A Common Stock, at our election, in the manner and subject to the terms and conditions provided in the indenture governing the notes.
Current report
In connection with the issuance of the Notes, we entered into capped call transactions in June 2026 and July 2026 with certain counterparties at a net cost of approximately $17.1 million. The capped call transactions are expected generally to reduce the potential dilution to the Class A Common Stock upon any conversion of the Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap based on a cap price initially equal to $10.4580 per share, and is subject to certain adjustments under the terms of the capped call transactions.
Current report
The net proceeds from the Offering were approximately $279.1 million, after deducting the underwriting discounts and commissions and the estimated offering expenses payable by the Company. We used certain of the net proceeds from the Offering (i) to pay the approximately $17.1 million cost of the capped call transactions described above, and (ii) to repay in full all obligations under the Loan Agreement.
Current report
In connection with the issuance of the Notes, on June 24, 2026, we entered into a First Amendment to the RIF Agreement (the “RIF Amendment”), which amends the RIF Agreement to permit, among other things, the issuance of the Notes and the related capped call transactions.
Current report
In 2026, cash provided by financing activities of $170.6 million was related to the $243.7 million proceeds from convertible debt, $4.4 million proceeds from exercise of options, $1.2 million proceeds from issuance of Class A Common Stock under the Employee Stock Purchase Plan offset by $58.7 million to repay in full all outstanding obligations under and terminate the Loan Agreement and pay an amendment fee under the Financing Agreement, $17.1 million of capped call transactions, $1.9 million payments on Financing Agreement, and $1.1 million payment of debt issuance costs.
Current report
Agreement, $48.9 million proceeds from the Loan Agreement, $1.9 million proceeds from exercise of options and $0.5 million of
Current report
proceeds from issuance of Class A Common Stock under the Employee Stock Purchase Plan offset by $6.6 million payment of debt issuance costs and $0.7 million of debt repayments.
Removed paragraphs (7)
Previous report
In January 2026, we announced entry into an exclusive license agreement for taletrectinib in Europe and additional countries with Eisai.
Previous report
On February 10, 2026, the outstanding warrants to purchase Class A Common stock expired and were delisted pursuant to a Form 25 filed by The New York Stock Exchange.
Previous report
In February 2026, we announced a protocol amendment to SIGMA study for safusidenib in IDH1-mutant glioma, which converted the study from a Phase 2 to a Phase 3 study.
Previous report
In March 2026, the Company announced that new data will be presented at the upcoming American Association for Cancer Research (AACR) Annual Meeting 2026 taking place April 17–22, 2026, in San Diego, California.
Previous report
In March 2026, the Company has been named to Fast Company’s 2026 list of the Most Innovative Companies—ranked #9 in the Medicines, Therapeutics, and Pharmaceuticals category.
Previous report
In March 2026, the Company appointed Stephen Dang, Ph.D., as Chief Legal Officer. Dr. Dang brings over 18 years of experience in the biopharmaceutical industry across all stages of the drug product life cycle.
Previous report
In 2025, cash provided by financing activities of $0.6 million was related to the $1.1 million proceeds from exercise of options offset by $0.5 million of debt repayments.
Reworded paragraphs (22)
Previous wording
We commercially launched IBTROZI in the U.S. in June 2025, following its approval by the FDA on June 11, 2025 for the treatment of adult patients with locally advanced or metastatic ROS1-positive (“ROS1+”) non-small cell lung cancer (“NSCLC”). Taletrectinib has also been approved by Japan’s MHLW and by China’s NMPA for the treatment of adult patients with locally advanced or metastatic ROS1+ NSCLC. Taletrectinib is being commercialized in Japan by our partner NK under the brand name IBTROZI and in China by our partner Innovent under the brand name DOVBLERON®. Taletrectinib has been granted Orphan Drug Designation by the U.S. FDA for the treatment of patients with ROS1+ NSCLC and other NSCLC indications, and was previously granted Breakthrough Therapy Designations by both the U.S. FDA and China’s NMPA for the treatment of both TKI-naïve and TKI-pretreated disease patients with locally advanced or metastatic ROS1+ NSCLC. In January 2026, we announced a partnership with Eisai Co., Ltd. (“Eisai”) to commercialize taletrectinib in Europe and other territories outside the U.S., China and Japan. In March 2026, we announced that the
Current wording
We commercially launched IBTROZI in the U.S. in June 2025, following its approval by the FDA on June 11, 2025 for the treatment of adult patients with locally advanced or metastatic ROS1-positive (“ROS1+”) non-small cell lung cancer (“NSCLC”). Taletrectinib has also been approved by Japan’s MHLW and by China’s NMPA for the treatment of adult patients with locally advanced or metastatic ROS1+ NSCLC. Taletrectinib is being commercialized in Japan by our partner NK under the brand name IBTROZI and in China by our partner Innovent under the brand name DOVBLERON®. Taletrectinib has been granted Orphan Drug Designation by the U.S. FDA for the treatment of patients with ROS1+ NSCLC and other NSCLC indications, and was previously granted Breakthrough Therapy Designations by both the U.S. FDA and China’s NMPA for the treatment of both TKI-naïve and TKI-pretreated patients with locally advanced or metastatic ROS1+ NSCLC. In January 2026, we announced a partnership with Eisai to commercialize taletrectinib in Europe and other territories outside the U.S., China and Japan. In March 2026, we announced that the European Medicines Agency had validated the Marketing Authorisation Application (“MAA”) for taletrectinib for the treatment of advanced ROS1+ NSCLC. In June 2026, we announced that the Medicines and Healthcare products Regulatory Agency (MHRA) in the United Kingdom had validated the MAA submitted by its partner Eisai for taletrectinib for the treatment of advanced ROS1+ NSCLC.
Previous wording
In April 2026, the Company has amended its existing exclusive license agreement for safusidenib with Daiichi Sankyo to include Japan in the territory rights licensed to the Company, effectively securing exclusive global safusidenib development and commercialization rights for the Company.
Current wording
In April 2026, we amended the existing exclusive license agreement for safusidenib with Daiichi Sankyo to include Japan in the territory rights licensed to us, effectively securing exclusive global safusidenib development and commercialization rights for the Company.
Previous wording
European Medicines Agency had validated the Marketing Authorisation Application (“MAA”) for taletrectinib for the treatment of advanced ROS1+ NSCLC.
Current wording
In June 2026, we announced that the MHRA in the United Kingdom had validated the Marketing Authorisation Application submitted by our partner Eisai for taletrectinib for the treatment of advanced ROS1+ NSCLC.
Previous wording
We have incurred net losses in each year since inception. As of March 31, 2026 we had an accumulated deficit of $1,110.0 million. Substantially all of our net losses have resulted from costs incurred in connection with our research and development programs and from general and administrative costs associated with our operations as well as a charge related to the acquisition of an in-process research and development asset. We expect to continue to incur significant expenses and increasing operating losses over at least the next several years. We expect our expenses will increase substantially in connection with our ongoing activities, as we:
Current wording
We have incurred net losses in each year since inception. As of June 30, 2026 we had an accumulated deficit of $1,172.8 million. Substantially all of our net losses have resulted from costs incurred in connection with our research and development programs and from general and administrative costs associated with our operations as well as a charge related to the acquisition of an in-process research and development asset. We expect to continue to incur significant expenses and increasing operating losses over at least the next several years. We expect our expenses will increase substantially in connection with our ongoing activities, as we:
Previous wording
Results of Operations for The Three Months Ended March 31, 2026 and 2025
Current wording
Results of Operations for The Three and Six Months Ended June 30, 2026 and 2025
Previous wording
The following table summarizes total revenue recognized for the three months ended March 31, 2026 and 2025:
Current wording
The following table summarizes total revenue recognized for the three and six months ended June 30, 2026 and 2025:
Previous wording
On June 11, 2025, we announced that the FDA approved IBTROZI for the treatment of adult patients with locally advanced or metastatic ROS1+ non-small cell lung cancer (“NSCLC”). To date, our only source of product revenue has been from the U.S. sales of IBTROZI. We began shipping IBTROZI to our U.S. customers in June 2025. Net product revenue from U.S. sales of IBTROZI was approximately $18.5 million for the three months ended March 31, 2026.
Current wording
On June 11, 2025, we announced that the FDA approved IBTROZI for the treatment of adult patients with locally advanced or metastatic ROS1+ non-small cell lung cancer (“NSCLC”). To date, our only source of product revenue has been from the U.S. sales of IBTROZI. We began shipping IBTROZI to our U.S. customers in June 2025. Net product revenue from U.S. sales of IBTROZI was approximately $23.2 million and $41.7 million for the three and six months ended June 30, 2026, respectively.
Previous wording
Collaboration and license agreements revenue increased by $61.6 million for the three months ended March 31, 2026 compared to 2025. The increase is primarily due to a $58.7 million increase in license revenue because of the upfront payment received under the Eisai agreement, a $2.4 million increase in product supply, a $1.5 million increase in royalty revenue, and was offset by a $1.0 million decrease in research and development service revenue.
Current wording
Collaboration and license agreements revenue increased by $66.5 million for the six months ended June 30, 2026 compared to 2025. The increase is primarily due to a $58.7 million increase in license revenue because of the upfront payment received under the Eisai agreement, a $6.0 million increase in product supply, and a $3.3 million increase in royalty revenue, offset by a $1.5 million decrease in research and development service revenue.
Previous wording
Cost of sales increased by $0.4 million for the three months ended March 31, 2026. The increase was due to costs incurred related to product revenue recognized for the three months ended March 31, 2026 while no product revenue was recorded in the three months ended March 31, 2025.
Current wording
Cost of sales increased by $0.7 million for the three months ended June 30, 2026. The increase was primarily due to an increase in inventory reserve and costs incurred related to higher product revenue recognized for the three months ended June 30, 2026 compared to 2025.
Previous wording
Cost of collaboration and license agreements revenue increased by $3.5 million for the three months ended March 31, 2026 compared to 2025. The increase was primarily due to a $2.2 million increase in royalty payment for Daiichi Sankyo and a $1.3 million increase in research and development service costs.
Current wording
Cost of collaboration and license agreements revenue increased by $6.1 million for the three months ended June 30, 2026 compared to 2025. The increase was primarily due to a $2.4 million increase in royalty payment for Daiichi Sankyo and a $3.7 million increase in research and development service costs.
Previous wording
Research and development expenses increased by $10.4 million for the three months ended March 31, 2026 compared to 2025. The increase was primarily due to a $1.5 million increase in salaries and other benefits driven by the increase in headcount and stock-based compensation, and $8.9 million increase in third-party costs related to clinical trial expense.
Current wording
Research and development expenses increased by $13.7 million for the six months ended June 30, 2026 compared to 2025. The increase was primarily due to a $0.2 million increase in salaries and other benefits driven by the increase in headcount and stock-based compensation and $13.5 million increase in third-party costs related to clinical trial expense.
Previous wording
Selling, general and administrative expenses increased by $2.9 million for the three months ended March 31, 2026, compared to 2025. The increase was due to a $5.7 million increase in salaries and other benefits driven by the increase in headcount and stock-based compensation, and $0.1 million increase in taxes, offset by a $1.7 million decrease in sales and marketing expenses and $1.2 million decrease in professional fees.
Current wording
Selling, general and administrative expenses increased by $7.0 million for the six months ended June 30, 2026, compared to 2025. The increase was due to a $6.4 million increase in salaries and other benefits driven by the increase in headcount and stock-based compensation, $0.1 million increase in taxes, $1.8 million increase in miscellaneous expense, $0.6 million increase in legal fees offset by a $1.2 million decrease in sales and marketing expenses, $0.2 million decrease in foreign currency impact and $0.5 million decrease in professional fees.
Previous wording
Other income, net decreased by $4.3 million for the three months ended March 31, 2026 compared to 2025 primarily due to a $6.7 million increase in interest expense primarily related to the Financing Agreement, a $1.0 million decrease in other income related to government subsidy income, a $0.2 million decrease in interest income from investments primarily due to lower treasury yield offset by an increase of $3.6 million in change in fair value of warrant liability.
Current wording
Other (expense) income, net decreased by $20.6 million for the six months ended June 30, 2026 compared to 2025 primarily due to a $9.5 million loss on debt extinguishment, $13.0 million increase in interest expense primarily related to the Financing Agreement, a $1.0 million decrease in other income related to government subsidy income, and a $0.4 million decrease in interest income from investments primarily due to lower treasury yield offset by an increase of $3.2 million in change in fair value of warrant liability.
Previous wording
From inception through March 31, 2026, our operations have been financed primarily by the sale and issuance of Series A preferred stock and Common Stock, including through the Merger and the PIPE Investment. As of March 31, 2026, we had $533.7 million in cash, cash equivalents and marketable securities and an accumulated deficit of $1,110.0 million.
Current wording
From inception through June 30, 2026, our operations have been financed primarily by the sale and issuance of Series A preferred stock and Common Stock, including through the Merger and the PIPE Investment. As of June 30, 2026, we had $661.0 million in cash, cash equivalents and marketable securities and an accumulated deficit of $1,172.8 million.
Previous wording
On March 3, 2025, we announced the closing of a non-dilutive financing of up to $250.0 million from Sagard. The financing is comprised of a $150.0 million (the "Investment Amount") synthetic royalty financing agreement with Sagard Healthcare Partners (Delaware) II LP (the “RIF Agreement”) and a $100.0 million senior secured term loan with Sagard Holdings Manager LP (the “Loan
Current wording
On March 3, 2025, we announced the closing of a non-dilutive financing of up to $250.0 million from Sagard. The financing is comprised of a $150.0 million (the "Investment Amount") synthetic royalty financing agreement with Sagard Healthcare Partners (Delaware) II LP (the “RIF Agreement”) and a $100.0 million senior secured term loan with Sagard Holdings Manager LP (the “Loan Agreement”). The Investment Amount and a $50.0 million tranche of the term loan were funded in June 2025, following the FDA’s approval of IBTROZI. The second tranche of $50.0 million of the term loan was available but not borrowed. In connection with the issuance of Notes, on June 30, 2026, we used approximately $58.7 million of the net proceeds thereof to repay in full all outstanding obligations under and terminate the Loan Agreement and pay an amendment fee under the Financing Agreement. We recorded a $9.5 million loss on debt extinguishment as a result of this transaction.
Previous wording
Under the RIF Agreement, in exchange for the Investment Amount, we have agreed to make tiered royalty payments to Sagard on U.S. net sales of IBTROZI equal to 5.5% of annual U.S. net sales up to $600 million and 3.0% of annual U.S. net sales between $600 million and $1 billion. We will retain all annual U.S. net sales above $1 billion. Our obligation to make the royalty payments will cease upon the earliest occurrence of total royalty payments reaching 1.6 times of the Investment Amount by the calendar quarter ending on June 30, 2031, 1.75 times of the Investment Amount by the calendar quarter ending on June 30, 2034, or 2.0 times of the Investment Amount thereafter. To the extent we have not made royalty payments totaling at least 100% of the Investment Amount by February 1, 2043, we will be required to make a true up payment in an amount equal to such shortfall (the “True Up Payment”). In addition, if certain events occur, including certain bankruptcy events, non-payment of Payments, a change of control, expiration or termination of certain intellectual property rights or marketing authorization, an out-license or sale of all of the rights in and to IBTROZI in the United States and (subject to applicable cure periods) non-compliance with the covenants in the RIF Agreement, we may be required to repurchase the synthetical royalty financing at a repurchase price ranging from 1.4 to 2.0 times of the Investment Amount, depending on the time of such event, less all royalty payments we made by then under the Loan Agreement, the term loan will bear interest at the secured overnight financing rate ("SOFR") plus a margin of 6.00%, subject to a 4.00% SOFR floor. There are no scheduled amortization payments associated with the term loan, with all outstanding principal due at maturity. The transaction will support the U.S. commercial launch of IBTROZI and general corporate purposes.
Current wording
Under the RIF Agreement, in exchange for the Investment Amount, we agreed to make tiered royalty payments to Sagard on U.S. net sales of IBTROZI equal to 5.5% of annual U.S. net sales up to $600 million and 3.0% of annual U.S. net sales between $600 million and $1 billion. We retain all annual U.S. net sales above $1 billion. Our obligation to make the royalty payments will cease upon the earliest occurrence of total royalty payments reaching 1.6 times of the Investment Amount by the calendar quarter ending on June 30, 2031, 1.75 times of the Investment Amount by the calendar quarter ending on June 30, 2034, or 2.0 times of the Investment Amount thereafter. To the extent we have not made royalty payments totaling at least 100% of the Investment Amount by February 1, 2043, we will be required to make a true up payment in an amount equal to such shortfall (the “True Up Payment”). In addition, if certain events occur, including certain bankruptcy events, non-payment of Payments, a change of control, expiration or termination of certain intellectual property rights or marketing authorization, an out-license or sale of all of the rights in and to IBTROZI in the United States and (subject to applicable cure periods) non-compliance with the covenants in the RIF Agreement, we may be required to repurchase the synthetical royalty financing at a repurchase price ranging from 1.4 to 2.0 times of the Investment Amount, depending on the time of such event, less all royalty payments we made by then under the Loan Agreement, the term loan will bear interest at the secured overnight financing rate ("SOFR") plus a margin of 6.00%, subject to a 4.00% SOFR floor. There are no scheduled amortization payments associated with the term loan, with all outstanding principal due at maturity. The transaction will support the U.S. commercial launch of IBTROZI and general corporate purposes.
Previous wording
Based upon our current operating plan, we believe that our existing cash, cash equivalents and marketable securities as of March
Current wording
Based upon our current operating plan, we believe that our existing cash, cash equivalents and marketable securities as of June 30, 2026, will enable us to fund our operating expenses and capital expenditure requirements through at least the next 12 months.
Previous wording
In 2026, cash provided by operating activities of $5.1 million was attributable to a net income of $5.4 million, non-cash charges of $11.2 million offset by a net change of $11.5 million in our net operating assets and liabilities. The non-cash charges consisted primarily of stock-based compensation of $9.0 million, $5.1 million in non-cash interest expense related to the Financing Agreement, $0.5 million of depreciation and amortization, and $0.3 million of amortization of debt issuance costs offset by changes in fair value of warrant liability of $2.9 million, amortization of premium on marketable securities of $0.8 million, and $0.1 million of lease expense. The change in operating assets and liabilities was primarily due to a $12.3 million decrease in accrued expenses, $6.6 million increase in accounts receivable, $4.4 million increase in prepaid expenses and other current assets, $4.4 million increase in inventory, and $0.4 million decrease in contract liabilities offset by $13.0 million increase in accounts payable, and $3.8 million decrease in other non-current assets.
Current wording
In 2026, cash used in operating activities of $37.9 million was attributable to a net loss of $57.4 million, a net change of $17.1 million in our net operating assets and liabilities offset by non-cash charges of $36.1 million. The change in operating assets and liabilities was primarily due to a $11.8 million increase in accounts receivable, $8.5 million increase in inventory, $2.3 million increase in prepaid expenses and other current assets, $1.7 million decrease in contract liabilities, $0.6 million increase in interest receivable on marketable securities, $3.8 million decrease in other non-current assets, $3.1 million increase in accounts payable, and $1.4 million increase in accrued expenses. The non-cash charges consisted primarily of stock-based compensation of $19.5 million, $10.2 million in non-cash interest expense related to the Financing Agreement, $1.0 million of depreciation and amortization, $0.7 million of amortization of debt issuance costs, and $9.5 million of loss on debt extinguishment offset by changes in fair value of warrant liability of $2.9 million, amortization of premium on marketable securities of $1.6 million, $0.2 million of foreign currency transaction gain, and $0.1 million of lease expense.
Previous wording
In 2025, cash used in operating activities of $42.6 million was attributable to a net loss of $53.2 million offset by a net change of $2.7 million in our net operating assets and liabilities and non-cash charges of $7.9 million. The change in operating assets and liabilities was primarily due to a $12.3 million decrease in accounts receivable, $4.2 million increase in accounts payable, and $0.1 million decrease in other non-current assets offset by $8.9 million decrease in accrued expenses, $2.3 million decrease in contract liabilities, $1.2 million increase in prepaid expenses and other current assets and $1.5 million increase in interest receivable on marketable securities. The non-cash charges consisted primarily of stock-based compensation of $7.9 million, changes in fair value of warrant liability of $0.8 million, $0.3 million of depreciation and amortization, $0.2 million of lease expense and $0.2 million of foreign currency transaction gain offset by amortization of premium on marketable securities of $1.5 million.
Current wording
liabilities was primarily due to a $10.0 million decrease in accounts receivable, $16.1 million increase in accounts payable, $8.0 million increase in intangible assets, $0.1 million decrease in other non-current assets, $8.8 million decrease in accrued expenses, $4.5 million decrease in contract liabilities, $1.0 million increase in prepaid expenses and other current assets, $0.6 million increase in inventory $0.4 million increase in interest receivable on marketable securities. The non-cash charges consisted primarily of stock-based compensation of $19.9 million, changes in fair value of warrant liability of $0.3 million, $0.7 million of depreciation and amortization, $0.3 million of lease expense, $0.3 million in interest expense offset by amortization of premium on marketable securities of $2.8 million and $0.2 million of foreign currency transaction gain.
Previous wording
In 2025, cash provided by investing activities of $54.2 million was related to the $115.0 million of proceeds from the sale of marketable securities offset by purchase of marketable securities of $60.7 million and $0.1 million purchase of property and equipment.
Current wording
In 2026, cash used in investing activities of $37.6 million was related to the purchase of marketable securities of $149.8 million, $0.3 million purchase of property and equipment offset by $112.5 million of proceeds from the sale of marketable securities.
Previous wording
In 2026, cash used in investing activities of $43.6 million was related to the purchase of marketable securities of $82.1 million offset by $38.5 million of proceeds from the sale of marketable securities.
Current wording
In 2025, cash provided by investing activities of $109.1 million was related to the $251.7 million of proceeds from the sale of
Previous wording
In 2026, cash provided by financing activities of $0.1 million was related to the $0.9 million proceeds from exercise of options offset by $0.8 million of debt repayments.
Current wording
In 2025, cash provided by financing activities of $194.0 million was related to the $150.0 million proceeds from the RIF
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
Cost of collaboration and license agreements revenue increased by $9.7 million for the six months ended June 30, 2026 compared to 2025. The increase was primarily due to a $4.6 million increase in royalty payment for Daiichi Sankyo and a $5.1 million increase in research and development service costs.
Current report — wording carried from elsewhere
Other (expense) income, net decreased by $16.4 million for the three months ended June 30, 2026 compared to 2025 primarily due to a $9.5 million loss on debt extinguishment, $6.3 million increase in interest expense primarily related to the Financing Agreement, a $0.2 million decrease in interest income from investments primarily due to lower treasury yield and a decrease of $0.5 million in change in fair value of warrant liability.
Current report — wording carried from elsewhere
In 2025, cash used in operating activities of $90.8 million was attributable to a net loss of $112.2 million offset by a net change
Current report — wording carried from elsewhere
of $2.9 million in our net operating assets and liabilities and non-cash charges of $18.5 million. The change in operating assets and
Current report — wording carried from elsewhere
marketable securities offset by purchase of marketable securities of $142.4 million and $0.2 million purchase of property and equipment.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
In March 2026, we announced that the European Medicines Agency (“EMA”) has validated the MAA for taletrectinib for the treatment of advanced ROS1+ NSCLC. The filing will follow a standard review timeline.
Previous report — wording carried elsewhere
Agreement”). The Investment Amount and a $50.0 million tranche of the term loan were funded in June 2025, following the FDA’s approval of IBTROZI. The second tranche of $50.0 million of the term loan will be available at our option until June 30, 2026.
Previous report — wording carried elsewhere
31, 2026, will enable us to fund our operating expenses and capital expenditure requirements through at least the next 12 months.